Mitchell Mortgage Rates & Closing Costs

  • JUMP TO:
  • Trends
  • Rates vs. Fees
  • Top Lenders
  • Market Share
  • Market Conditions & Pricing
  • Time on Market/Property Size
  • Loan Attributes
    • 30yr Fixed Rate 15yr Fixed Rate FHA USDA VA 5/1 ARM

    30 Year Fixed Rate mortgages in Mitchell averaged 6.65% for the week of 2023-03-23, compared to the national average of 6.42% for the same period.

    The average rate for the prior week (2023-03-16) was 6.63% and one month ago for the week of 2023-02-16, the average rate was 6.55%.

    Mitchell's average rate one year ago was 3.93%.

    For refis of the same type during the week of 2023-03-23, the average rate was 6.69%.

    Loan Type Date Rate
    US 30 Year Fixed Rate 2023-03-23 6.42%
    Mitchell 30 Year Fixed Rate 2023-03-23 6.65%
    Mitchell 30 Year Fixed Rate Refi 2023-03-23 6.69%
    Mitchell 15 Year Fixed Rate 2023-03-23 5.6%
    Mitchell 15 Year Fixed Rate Refi 2023-03-23 5.65%
    Mitchell 30 Year FHA 2023-03-23 6.12%
    Mitchell 30 Year FHA Refi 2023-03-23 6.01%
    Mitchell 30 Year USDA 2023-03-23 5.74%
    Mitchell 30 Year USDA Refi 2023-03-23 5.71%
    Mitchell 30 Year VA 2023-03-23 6.45%
    Mitchell 30 Year VA Refi 2023-03-23 5.54%
    Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations within Mitchell, SD.

    Mitchell Top Lenders by Rates & Fees

    The below table looks at the consensus average rates and fees provided by each lender, for only loans originated in the Mitchell, SD market. This includes FHA, Conventional, USDA and VA loans, as well as refis. All terms in the below chart are 30 year fixed rate. Unless noted otherwise, other data is all inclusive (FHA, ARM, 15-yr, etc.).

    Name # of Loans 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
    Plains Commerce Bank 48 4.85% $4,520
    First Dakota National Bank 37 4.89% $3,260
    CORTRUST MORTGAGE, INC. 36 4.95% $4,425
    BANKWEST, INC. 20 5.02% $4,102
    QUICKEN LOANS, LLC 13 5.61% $6,223
    U.S. Bank 9 4.47% $5,479
    Wells Fargo Bank 4 3.88% $2,974
    LOANDEPOT.COM, LLC 3 5.16% $9,708
    First Interstate Bank 3 4.92% $3,513
    BLACK HILLS FEDERAL CREDIT UNION 3 3.54% $4,412
    Reliabank Dakota 2 3.81% $4,721
    First National Bank of Omaha 1 4.00% $3,235
    FOUR POINTS 1 3.88% $1,696
    FREEDOM MORTGAGE CORPORATION 1 3.88% $2,597
    Goldwater Bank, N.A. 1 5.38% $4,602
    GUARANTEED RATE, INC. 1 3.75% $4,198
    Ixonia Bank 1 5.25% $2,559
    Farm Credit Mid-America, ACA 1 5.20% $4,311
    Mr. Cooper ( Nationstar Mortgage ) 1 4.50% $7,988
    NAVY FEDERAL CREDIT UNION 1 4.00% $1,238
    Discover Bank 1 4.99% $0
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 5.38% $4,618
    Dacotah Bank 1 5.50% $5,469
    The First National Bank in Sioux Falls 1 4.13% $4,434
    The Huntington National Bank 1 2.88% $4,353
    BROKER SOLUTIONS, INC. 1 6.13% $3,669
    JPMorgan Chase Bank 1 7.75% $980
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 2.75% $6,700
    First International Bank & Trust 1 4.88% $4,165
    First National Bank 1 4.75% $3,582

    Mitchell Average Closing Costs & Other Stats

    Mitchell, SD's 30 lenders originated 497 loans during 2022. The total origination value was $88,545,000, with an average loan value of $178,159.

    Mitchell's average closing costs are $4,128.

    The top Mitchell lender as defined by loan originations is Plains Commerce Bank, with 48 loans originated. Their average total fees are $4,520, which is $1,260 higher than the next largest lender, First Dakota National Bank.

    The lowest fee Mitchell lenders (with over 10 loans originated) are First Dakota National Bank ($3,260), BANKWEST, INC. ($4,102), CORTRUST MORTGAGE, INC. ($4,425), Plains Commerce Bank ($4,520) and QUICKEN LOANS, LLC ($6,223).

    The lowest rate Mitchell lenders (with over 10 loans originated) are Plains Commerce Bank (4.85%), First Dakota National Bank (4.89%), CORTRUST MORTGAGE, INC. (4.95%), BANKWEST, INC. (5.02%) and QUICKEN LOANS, LLC (5.61%).

    Mitchell, SD Mortgage Market Share & Volume

    Loan origination value is a good proxy for a lender's prominence within the market. The general assumption is that larger lenders will have more resources, but may spend more (and therefore charge more) on marketing and overhead expenses.

    Name 2021 Loan Value 2022 Loan Value % Change 2022 Market Share
    Plains Commerce Bank $24,510,000 $22,705,000 -7.4% 25.6%
    First Dakota National Bank $16,405,000 $16,565,000 1.0% 18.7%
    CORTRUST MORTGAGE, INC. $22,030,000 $11,450,000 -48.0% 12.9%
    BANKWEST, INC. $15,025,000 $7,525,000 -49.9% 8.5%
    QUICKEN LOANS, LLC $5,995,000 $3,970,000 -33.8% 4.5%
    U.S. Bank $6,465,000 $3,740,000 -42.2% 4.2%
    CorTrust Bank $415,000 $2,850,000 586.7% 3.2%
    Wells Fargo Bank $4,195,000 $1,895,000 -54.8% 2.1%
    First National Bank of Omaha $3,230,000 $1,785,000 -44.7% 2.0%
    The First National Bank in Sioux Falls $280,000 $1,340,000 378.6% 1.5%
    LOANDEPOT.COM, LLC $755,000 $1,085,000 43.7% 1.2%
    SERVICE FIRST FEDERAL CREDIT UNION $115,000 $1,045,000 808.7% 1.2%
    First International Bank & Trust $865,000 $1,010,000 16.8% 1.1%
    Reliabank Dakota $2,095,000 $955,000 -54.4% 1.1%
    NAVY FEDERAL CREDIT UNION $205,000 $800,000 290.2% 0.9%
    Heritage Bank $785,000 n/a 0.9%
    First Interstate Bank $75,000 $760,000 913.3% 0.9%
    BLACK HILLS FEDERAL CREDIT UNION $2,045,000 $605,000 -70.4% 0.7%
    Mortgage Research Center, LLC $1,495,000 $605,000 -59.5% 0.7%
    MUTUAL OF OMAHA MORTGAGE, INC. $85,000 $605,000 611.8% 0.7%
    BROKER SOLUTIONS, INC. $365,000 $535,000 46.6% 0.6%
    The Federal Savings Bank $505,000 $455,000 -9.9% 0.5%
    First Bank & Trust $155,000 $435,000 180.6% 0.5%
    First PREMIER Bank $1,690,000 $415,000 -75.4% 0.5%
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION $1,250,000 $370,000 -70.4% 0.4%
    BankIowa of Cedar Rapids $335,000 n/a 0.4%
    Dacotah Bank $315,000 $295,000 -6.3% 0.3%
    M&T Bank $295,000 n/a 0.3%
    Farm Credit Mid-America, ACA $380,000 $250,000 -34.2% 0.3%
    PRIMELENDING, A PLAINSCAPITAL COMPANY $215,000 n/a 0.2%
    The Huntington National Bank $215,000 n/a 0.2%
    Goldwater Bank, N.A. $205,000 n/a 0.2%
    NEWREZ LLC $425,000 $195,000 -54.1% 0.2%
    Flanagan State Bank $315,000 $175,000 -44.4% 0.2%
    Ixonia Bank $175,000 n/a 0.2%
    DAS Acquisition Company, LLC $370,000 $165,000 -55.4% 0.2%
    Discover Bank $165,000 n/a 0.2%
    Mr. Cooper ( Nationstar Mortgage ) $230,000 $165,000 -28.3% 0.2%
    GUARANTEED RATE, INC. $2,530,000 $155,000 -93.9% 0.2%
    FOUR POINTS $145,000 n/a 0.2%
    Hometown Lenders, Inc. $145,000 n/a 0.2%
    JPMorgan Chase Bank $575,000 $145,000 -74.8% 0.2%
    PLANET HOME LENDING, LLC $145,000 n/a 0.2%
    First National Bank $1,135,000 $135,000 -88.1% 0.2%
    PENNYMAC LOAN SERVICES, LLC $610,000 $135,000 -77.9% 0.2%
    FREEDOM MORTGAGE CORPORATION $820,000 $125,000 -84.8% 0.1%
    SIOUX FALLS $105,000 $125,000 19.0% 0.1%
    Deere Employees Credit Union $145,000 $105,000 -27.6% 0.1%
    SIOUX EMPIRE $45,000 n/a 0.1%

    Mitchell's top lender by overall market share is Plains Commerce Bank, with 25.6% market share. In second place, with 18.7%, is First Dakota National Bank, having originated $16,565,000 in loans. In third place, with 12.9%, is CORTRUST MORTGAGE, INC., having originated $11,450,000 in loans. In fourth place, with 8.5%, is BANKWEST, INC., having originated $7,525,000 in loans. In fifth place, with 4.5%, is QUICKEN LOANS, LLC, having originated $3,970,000 in loans.

    Mitchell Housing Market Trends (Median, Average Prices & Listing Count)

    Realtor.com - Mitchell (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Price (YoY Change) Average Listing Price (YoY) MSA/US Median Price Ratio Active Listings
    2018-01-01 $164,650 (3.1%) $272,963 (34.4%) 0.00 58
    2018-02-01 $179,750 (15.3%) $296,753 (51.6%) 0.00 58
    2018-03-01 $189,000 (21.2%) $304,814 (61.8%) 0.00 47
    2018-04-01 $191,623 (23.8%) $302,025 (56.9%) 0.00 53
    2018-05-01 $194,750 (17.6%) $284,697 (36.6%) 0.00 56
    2018-06-01 $194,698 (16.0%) $294,173 (39.6%) 0.00 55
    2018-07-01 $188,900 (14.6%) $266,629 (29.6%) 0.00 59
    2018-08-01 $164,775 (0.2%) $247,482 (14.7%) 0.00 69
    2018-09-01 $159,900 (0.4%) $244,099 (12.0%) 0.00 62
    2018-10-01 $158,450 (-0.2%) $219,152 (-14.6%) 0.00 62
    2018-11-01 $159,750 (1.6%) $215,687 (-17.8%) 0.00 63
    2018-12-01 $159,375 (0.9%) $216,164 (-17.8%) 0.00 60
    2019-01-01 $178,125 (8.2%) $237,722 (-12.9%) 0.00 45
    2019-02-01 $174,375 (-3.0%) $197,129 (-33.6%) 0.00 38
    2019-03-01 $180,814 (-4.3%) $206,944 (-32.1%) 0.00 39
    2019-04-01 $186,814 (-2.5%) $207,382 (-31.3%) 0.00 38
    2019-05-01 $176,175 (-9.5%) $200,470 (-29.6%) 0.00 45
    2019-06-01 $174,900 (-10.2%) $195,888 (-33.4%) 0.00 61
    2019-07-01 $169,200 (-10.4%) $199,775 (-25.1%) 0.00 64
    2019-08-01 $160,455 (-2.6%) $192,624 (-22.2%) 0.00 73
    2019-09-01 $148,386 (-7.2%) $180,344 (-26.1%) 0.00 75
    2019-10-01 $144,441 (-8.8%) $173,541 (-20.8%) 0.00 78
    2019-11-01 $138,500 (-13.3%) $169,343 (-21.5%) 0.00 70
    2019-12-01 $137,750 (-13.6%) $161,976 (-25.1%) 0.00 64
    2020-01-01 $134,875 (-24.3%) $150,095 (-36.9%) 0.00 59
    2020-02-01 $144,900 (-16.9%) $166,877 (-15.4%) 0.00 63
    2020-03-01 $149,450 (-17.4%) $169,798 (-18.0%) 0.00 65
    2020-04-01 $156,050 (-16.5%) $172,688 (-16.7%) 0.00 64
    2020-05-01 $157,000 (-10.9%) $170,753 (-14.8%) 0.00 64
    2020-06-01 $139,500 (-20.2%) $170,459 (-13.0%) 0.00 60
    2020-07-01 $139,250 (-17.7%) $196,774 (-1.5%) 0.00 58
    2020-08-01 $154,950 (-3.4%) $196,322 (1.9%) 0.00 53
    2020-09-01 $154,163 (3.9%) $188,135 (4.3%) 0.00 50
    2020-10-01 $134,000 (-7.2%) $186,217 (7.3%) 0.00 44
    2020-11-01 $126,250 (-8.8%) $178,566 (5.5%) 0.00 41
    2020-12-01 $125,825 (-8.7%) $272,705 (68.4%) 0.00 32
    2021-01-01 $139,500 (3.4%) $294,526 (96.2%) 0.00 28
    2021-02-01 $137,975 (-4.8%) $301,575 (80.7%) 0.00 29
    2021-03-01 $179,000 (19.8%) $306,154 (80.3%) 0.00 34
    2021-04-01 $214,950 (37.7%) $324,275 (87.8%) 0.00 35
    2021-05-01 $225,000 (43.3%) $372,499 (118.2%) 0.00 37
    2021-06-01 $225,000 (61.3%) $374,128 (119.5%) 0.00 39
    2021-07-01 $215,000 (54.4%) $363,148 (84.6%) 0.00 50
    2021-08-01 $199,775 (28.9%) $326,771 (66.5%) 0.00 59
    2021-09-01 $208,475 (35.2%) $338,529 (79.9%) 0.00 47
    2021-10-01 $165,900 (23.8%) $331,735 (78.1%) 0.00 38
    2021-11-01 $174,475 (38.2%) $294,771 (65.1%) 0.00 34
    2021-12-01 $157,350 (25.1%) $268,975 (-1.4%) 0.00 30
    2022-01-01 $139,900 (0.3%) $265,864 (-9.7%) 0.00 23
    2022-02-01 $152,100 (10.2%) $272,369 (-9.7%) 0.00 27
    2022-03-01 $186,950 (4.4%) $291,079 (-4.9%) 0.00 31
    2022-04-01 $209,900 (-2.4%) $281,492 (-13.2%) 0.00 38
    2022-05-01 $217,450 (-3.4%) $296,659 (-20.4%) 0.00 44
    2022-06-01 $214,950 (-4.5%) $314,032 (-16.1%) 0.00 50
    2022-07-01 $215,000 (0.0%) $335,751 (-7.5%) 0.00 48
    2022-08-01 $236,700 (18.5%) $406,290 (24.3%) 0.00 42
    2022-09-01 $226,250 (8.5%) $406,632 (20.1%) 0.00 41
    2022-10-01 $265,000 (59.7%) $444,164 (33.9%) 0.00 33
    2022-11-01 $292,400 (67.6%) $458,851 (55.7%) 0.00 36
    2022-12-01 $379,450 (141.2%) $483,415 (79.7%) 0.00 32
    2023-01-01 $306,150 (118.8%) $483,402 (81.8%) 0.00 29
    2023-02-01 $325,999 (114.3%) $504,214 (85.1%) 0.00 30
    Mitchell's median listing price for 2023-02-01 was $325,999, a difference of $173,899 (114.3%) versus the prior year and $19,849 versus the prior month.

    Mitchell's median listing price comes in at 0% of the national average.

    Mitchell's average listing price for 2023-02-01 was $504,214, a difference of $231,845 (85.1%) versus the prior year and $20,812 versus the prior month.

    For the 2023-02-01 period, Mitchell had 30 MLS listings, a difference of 1 listings (3%) versus the prior month and 3 listings (11%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Mitchell (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,770 sqft
    2018-02-01 0 days 1,770 sqft
    2018-03-01 0 days 1,578 sqft
    2018-04-01 0 days 1,708 sqft
    2018-05-01 0 days 1,751 sqft
    2018-06-01 0 days 1,780 sqft
    2018-07-01 0 days 1,661 sqft
    2018-08-01 0 days 1,686 sqft
    2018-09-01 0 days 1,629 sqft
    2018-10-01 0 days 1,630 sqft
    2018-11-01 0 days 1,696 sqft
    2018-12-01 0 days 1,778 sqft
    2019-01-01 0 days 1,808 sqft
    2019-02-01 0 days 1,808 sqft
    2019-03-01 0 days 1,593 sqft
    2019-04-01 0 days 1,588 sqft
    2019-05-01 0 days 1,758 sqft
    2019-06-01 0 days 1,808 sqft
    2019-07-01 0 days 1,707 sqft
    2019-08-01 0 days 1,641 sqft
    2019-09-01 0 days 1,634 sqft
    2019-10-01 0 days 1,628 sqft
    2019-11-01 0 days 1,546 sqft
    2019-12-01 0 days 1,502 sqft
    2020-01-01 0 days 1,383 sqft
    2020-02-01 0 days 1,612 sqft
    2020-03-01 0 days 1,630 sqft
    2020-04-01 0 days 1,651 sqft
    2020-05-01 0 days 1,643 sqft
    2020-06-01 0 days 1,587 sqft
    2020-07-01 0 days 1,560 sqft
    2020-08-01 0 days 1,781 sqft
    2020-09-01 0 days 1,779 sqft
    2020-10-01 0 days 1,824 sqft
    2020-11-01 0 days 1,849 sqft
    2020-12-01 0 days 1,886 sqft
    2021-01-01 0 days 1,977 sqft
    2021-02-01 0 days 1,915 sqft
    2021-03-01 0 days 1,978 sqft
    2021-04-01 0 days 2,026 sqft
    2021-05-01 0 days 2,074 sqft
    2021-06-01 0 days 1,881 sqft
    2021-07-01 0 days 1,810 sqft
    2021-08-01 0 days 1,887 sqft
    2021-09-01 0 days 1,969 sqft
    2021-10-01 0 days 1,889 sqft
    2021-11-01 0 days 1,909 sqft
    2021-12-01 0 days 1,856 sqft
    2022-01-01 0 days 1,502 sqft
    2022-02-01 0 days 1,522 sqft
    2022-03-01 0 days 1,659 sqft
    2022-04-01 0 days 1,721 sqft
    2022-05-01 0 days 1,678 sqft
    2022-06-01 0 days 1,676 sqft
    2022-07-01 0 days 1,715 sqft
    2022-08-01 0 days 1,753 sqft
    2022-09-01 0 days 1,890 sqft
    2022-10-01 0 days 1,949 sqft
    2022-11-01 0 days 1,815 sqft
    2022-12-01 0 days 1,849 sqft
    2023-01-01 0 days 1,838 sqft
    2023-02-01 0 days 1,953 sqft
    Mitchell's median listing age (time on market) for 2023-02-01 was 0 days.

    Mitchell's median square footage for active listings during the 2023-02-01 period was 1,953 sqft. One year prior, the average listing was 1,522 sqft.

    Mitchell, SD Market Loan Reason

    Loan Purpose Originations Total Value Average Loan
    Home Purchase 309 $62,705,000 $202,929
    Cash Out Refi 63 $11,465,000 $181,984
    Refi 58 $9,000,000 $155,172
    Home Improvement 37 $3,015,000 $81,486
    Other 30 $2,360,000 $78,667

    Mitchell's most frequently cited loan purpose was Home Purchase, with 309 originations. The 2nd most popular reason was Cash Out Refi, with 63 originations.

    Interest Rate Frequencies

    Loan Rate Originations Total Value Average Loan
    5-6% 140 $26,410,000 $188,643
    4-5% 106 $21,630,000 $204,057
    3-4% 85 $17,015,000 $200,176
    6-7% 53 $8,725,000 $164,623
    2.5-3% 31 $6,205,000 $200,161
    7-8% 16 $990,000 $61,875
    <2.5% 15 $3,265,000 $217,667
    Over 8% 7 $365,000 $52,143

    During 2022, Mitchell's most frequently originated rate bucket was 5-6%, with 140 originations.

    Loan Sizing (Mitchell, SD MSA)

    Loan Size Originations Total Value Average Loan
    $100k-200k 208 $31,020,000 $149,135
    $200k-400k 133 $35,625,000 $267,857
    $100,000 or less 131 $7,345,000 $56,069
    $400k-600k 17 $8,395,000 $493,824
    $600k-1000k 7 $5,075,000 $725,000
    $Over $1MM 1 $1,085,000 $1,085,000

    Mitchell's loan sizing saw the bucket of loans from $100k-200k with 208 originations, totaling $31,020,000 in origination value.

    LTV Distribution

    Loan to Value Originations Total Value Average Loan
    80-100% 208 $43,380,000 $208,558
    60-80% 112 $24,030,000 $214,554
    40-60% 50 $10,570,000 $211,400
    20-40% 45 $4,765,000 $105,889
    Under 20% 37 $1,715,000 $46,351

    Mitchell's loan sizing saw loans grouped in the 80-100% Loan-to-value bucket with 208 originations, totaling $43,380,000 in origination value.